Bristol Bay Native Corporation would like to inform its shareholders about a new Settlement Trust under ANCSA, unanimously approved by the BBNC Board of Directors. This trust, known as the BBNC Settlement Trust, will be voted on by BBNC’s shareholders at the 2018 Annual Meeting of BBNC’s Shareholders to be held October 6, 2018. A Settlement Trust allows a Native Corporation to contribute funds to the Trust for the distribution of benefits to shareholders and descendants. Benefits provided to shareholders and descendants through the trust, receive favorable tax treatment. Specifically, shareholders will vote on the following Shareholder Resolution 18-01:
Resolved, that BBNC shall create a new ANCSA Settlement Trust to provide benefits to BBNC’s shareholders, Alaska Natives and descendants of Natives as described in the BBNC Trust Agreement.
The overall purpose of the Trust is to promote the health, education and welfare of its beneficiaries and preserve the heritage and culture of Natives. The Trust is expected to provide tax-free distributions to shareholders in future years and to develop additional shareholder and descendant benefits. Only BBNC’s shareholders can approve the establishment of the Trust as a Settlement Trust under ANCSA. Please take a few moments to learn more about the proposed BBNC Settlement Trust.
What our leadership has to say about the proposed BBNC Settlement Trust
“The creation of the BBNC Settlement Trust provides an opportunity to increase the types of shareholder benefits and innovative programs that we could not provide without it. BBNC leadership encourages you to vote to approve the BBNC Settlement Trust resolution.”
Jason Metrokin, President & Chief Executive Officer
“Recent changes in federal tax law provide BBNC with an exciting new opportunity to create a new settlement trust. A new trust will provide shareholder benefits in a more tax efficient way for beneficiaries and the corporation.”
Ryan York, Executive VP & Chief Financial Officer
“The new ANCSA settlement trust is an exciting next step for BBNC. One concrete benefit for BBNC shareholders who will become beneficiaries of the Trust is that benefits received from the Trust will have favorable tax treatment.”
April Ferguson, Executive VP, General Counsel & Corporate Secretary
If you are ready to vote, you can visit the online voting website to vote online and qualify for special cash prizes!